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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Gov’t must account for TOR debt recover levy – PEF

bycitibusinessnews
June 27, 2014
in Business, Oil And Gas
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The Private Enterprise Federation (PEF) is asking government to publsh the specific amount generated since the implementation of the Tema Oil Refinery (TOR) debt recovery levy in 2003.

According to the PEF, more than GHC 1.1 billion has been generated since the introduction of the levy and should be able to prevent recurrent fuel shortages.

The Chief Executive Officer of the PEF, Nana Osei Bonsu, together with some Civil Society Groups (CSOs) and other stakeholders were present at Citi FM’s roundtable on fuel subsidies discussion under the theme: “Revisiting the fuel subsidy debate-cross road, hard choices.”

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Taking his turn to address the discussants, Nana Bonsu said: “The TOR debt levy should have been buy roaccutane paid off by now, if it’s not the TOR debt levy act came into being in 2003 and we are in 2014. For 10 years what was the debt initially? How much has been paid off? How much has been accumulated?”

It is unclear how much the TOR debt is but reports in 2011 indicated that the TOR debt was GHC 1.5 billion.

Nana Osei Bonsu debunked reports suggesting that the amount generated from TOR debt recovery levy was used to pay for the interest that accumulated on the principal sum.

He also asked if government was truly paying on subsidy on petroleum product.

The Executive Director of the Consumer Protection Agency (CPA), Kofi Kapito on his part said the calls for the removal on all forms of subsidies on petroleum products should be measured. He asked government to introduce and efficient mass transport system as an alternative before subsidy removal.

Meanwhile, the Executive Director of the IMANI Ghana, Franklin Cudjoe is of the opinion that Ghana is in no position to subsidizes fuel because of the current challenges in the economy.

 

By: Rabiu Alhassan/citifmonline.com/Ghana

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